Burlingame, July 04, 2023 (GLOBE NEWSWIRE) -- The global patient mechanical lift handling equipment market was valued at US$ 1,716.7 Mn in 2022 and is forecast to reach a value of US$ 3,140.6 Mn by 2030 at a CAGR of 7.9% between 2023 and 2030 according to the new report by Coherent Market Insights. Rise in aging population worldwide and increasing incidence of musculoskeletal disorders are prime factors propelling growth of the patient mechanical lift handling equipment market. Moreover, development of advanced healthcare infrastructure, increasing number of patients requiring critical care, and stringent regulations regarding safe patient handling practices are again expected to augment the market growth.
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Key Trends and Analysis of the Global Patient Mechanical Lift Handling Equipment Market:
Growing number of hospitals in developing and underdeveloped regions due to increasing expenditures is expected to be a major trend in the global market. Spending on health increased worldwide by 6% on average in real terms in the year 2020, according to the World Health Organization’s latest global review of health finance. Additionally, rise in the incidence of chronic diseases and increased investments in home healthcare facilities are further projected to propel market growth.
Global Patient Mechanical Lift Handling Equipment Market - Drivers
Growing prevalence of chronic disease to foster market growth
Increasing burden of chronic disease is a major factor fuelling growth of the global patient mechanical lift handling equipment market. According to the National Center for Health Statistics, chronic diseases affect around 133 million Americans, representing more than 40% of the total population of this country. About half of all adults have a chronic condition, and approximately 8 percent of children ages 5 to 17 were reported by their parents to have limited activities due to at least one chronic disease or disability.
Increasing geriatric population to augment market growth
The need for specialized patient handling equipment due to the soaring geriatric population is driving growth of the market. According to the World Health Organization, by 2030, 1 in 6 people in the world will be aged 60 years or over. At this time the share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion. By 2050, the world’s population of people aged 60 years and older will double (2.1 billion). The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million.
Patient Mechanical Lift Handling Equipment Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2023: | US$ 1,843.8 Mn | |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 | |
| Forecast by 2022-28 CAGR: | 7.9% | 2030 Value Projection: | US$ 3,140.6 Mn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | ARJO, Etac AB, Medline Industries Inc., Guldmann Inc., Sunrise Medical Inc., Stryker Corporation, Winncare Group (Mangar Health), Joerns Healthcare Inc., Invacare Corporation, Baxter (Hill Rom Holding Inc.), Gainsborough Healthcare Group, and Savaria Corporation (Handicare Group AB), among others. | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Global Patient Mechanical Lift Handling Equipment Market - Restrain
High cost of the equipment is expected to hamper the market growth
The high costs of equipment include the costs related to the buying, installation, and maintenance in healthcare settings. Thus, high cost of the equipment is expected to hamper the market growth. Moreover, these equipment require massive storage which is another key factor hindering the market growth.
Global Patient Mechanical Lift Handling Equipment Market – Opportunities
Increasing advancement in the equipment is expected to offer profitable market opportunities
Key players are introducing novel product in the market is expected to provide lucrative market growth opportunities. This is attributed to the ongoing advancement in the technology. For instance, in May 2022, Invacare Corporation announced the launch of its Birdie Evo XPLUS, an innovative patient lift solution for the post-acute care setting. With its sleek and modern design, the Birdie Evo XPLUS offers innovative technology that helps maximize comfort and security when lifting/transferring a patient to or from a bed, chair, or floor.
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Global Patient Mechanical Lift Handling Equipment Market - Key Developments
Key Market Takeaways:
Global patient mechanical lift handling equipment market is expected to exhibit a CAGR of 7.9% during the forecast period, owing to the growing geriatric population, rising instances of chronic illnesses, high spending capacity, and favorable government regulations
On the basis of Product, floor-based lifts segment is expected to hold a dominant position owing to the growing aging population and increasing prevalence of chronic disease.
On the basis of End User, hospital segment is expected to hold a dominant position, owing to the high adoption of patient mechanical lift handing equipment in the healthcare settings.
On the basis of region, North America is expected to hold a dominant position over the forecast period, owing to the growing high of chronic diseases, increasing geriatric population, and presence of well-established healthcare infrastructure in the region. Also, increasing healthcare expenditure coupled with the early adoption of advanced medical equipment are further anticipated to propel the regional market growth.
Competitive Landscape:
Key players operating in the global patient mechanical lift handling equipment market include ARJO, Etac AB, Medline Industries Inc., Guldmann Inc., Sunrise Medical Inc., Stryker Corporation, Winncare Group (Mangar Health), Joerns Healthcare Inc., Invacare Corporation, Baxter (Hill Rom Holding Inc.), Gainsborough Healthcare Group, and Savaria Corporation (Handicare Group AB), among others.
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Detailed Segmentation:
Global Patient Mechanical Lift Handling Equipment Market, By Product:
- Bath Patient Lifters
- Floor-based Lifts
- Overhead/Ceiling Lifts
- Powered Sit-To-Stand Lifts
- Stand-up and Raising Lifts
- Other Products
Global Patient Mechanical Lift Handling Equipment Market, By End User:
- Hospitals
- Home Healthcare
- Other End Users
Global Patient Mechanical Lift Handling Equipment Market, By Region
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC Countries
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
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